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10-K primary document
CNET · Annual Report (Form 10-K) · Filed March 31, 2026

Zw Data Action Technologies Inc — 10-K exhibit

ex_933024.htm
Zw Data Action Technologies Inc on Boardroom Alpha
ex_933024.htm

Exhibit 21.1

 

Subsidiaries

 

China Net Online Media Group Limited (“China Net BVI”), a British Virgin Islands company.

 

CNET Technology Limited (“CNET Technology BVI“), a British Virgin Islands company.

 

Cnet SEA Limited (“Cnet SEA”), a Samoa company.

 

China Net BVI is the sole shareholder of CNET Online Technology Co. Limited (“China Net HK”), a Hong Kong company, the sole shareholder of ChinaNet Investment Holding Ltd. (“ChinaNet Investment BVI”), a British Virgin Islands company and the sole shareholder of CNET Media (HK) Limited (“CNET Media HK), a Hong Kong company.

 

ChinaNet Investment BVI is the sole shareholder of Grandon Investments Limited (“Grandon BVI”), a British Virgin Islands company and the sole shareholder of Cnet Technology (HK) Limited (“Cnet Technology HK”), a Hong Kong company.

 

Cnet Technology HK is the sole shareholder of Shenzhen Shangye Consulting Services Co., Ltd. (“Shenzhen Shangye”), incorporated in the People’s Republic of China (the “PRC”).

 

China Net HK is the sole shareholder of Rise King Century Technology Development (Beijing) Co., Ltd., a wholly foreign-owned enterprise (“WFOE”), established in the PRC.

 

The WFOE is the sole shareholder of ChinaNet Online Holdings Co., Ltd. (“ChinaNet Online Holdings”), and the sole shareholder of ChinaNet Online (Guangdong) Holdings Co., Ltd. (“ChinaNet Online Guangdong Holdings”), each of which is incorporated in the PRC.

 

Through a series of contractual agreements (the “VIE agreements”) between the WFOE and Business Opportunity Online (as defined below) and Beijing CNET Online (as defined below) (Business Opportunity Online and Beijing CNET Online, collectively, the “VIEs”), the Company, through the WFOE, has the power to direct activities of the VIEs that most significantly impact the economic performance of the VIEs and the obligation to absorb the losses and the right to receive benefits of the VIEs that could potentially be significant to the VIEs in a manner that does not violate the related PRC laws. As such, the WFOE is deemed to be the primary beneficiary of the VIEs, that are parties to the relevant VIE agreements, for accounting purposes only, which serves the purpose of consolidating the VIEs’ operating results in the preparation of the Company’s consolidated financial statements under the U.S. GAAP.

 

 

●

Business Opportunity Online (Beijing) Network Technology Co., Ltd. (“Business Opportunity Online”), incorporated in the PRC.

 

 

●

Beijing CNET Online Advertising Co., Ltd. (“Beijing CNET Online”), incorporated in the PRC.

 

Business Opportunity Online is the sole shareholder of Beijing Chuang Fu Tian Xia Network Technology Co., Ltd. (“Beijing Chuang Fu Tian Xia”), the sole shareholder of Business Opportunity Online (Hubei) Network Technology Co., Ltd. (“Business Opportunity Online Hubei”), and the sole shareholder of ChinaNet Online (Guangdong) Technology Co., Ltd. (“ChinaNet Online Guangdong Technology”), each of which is incorporated in the PRC.

 

ChinaNet Online Guangdong Technology is the 51% shareholder of Guangzhou Zhongtian Hexin Xibao Technology Co., Ltd. (“Guangzhou Zhongtian”), incorporated in the PRC.

 
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